Legalized Sports Betting in New York Getting Closer

Many states in the USA have now legalized sports betting. There are some notable exceptions though and one of them is New York. It seems that it will only be a matter of time before legalization takes place.

The target looks to be ensuring that everything is up and ready before the Super Bowl next year. That’s a great time to launch sports betting and bound to see a massive amount of dollars gambled by NFL fans.

It’s believed that in the next few days, two of the operators who will launch online sports betting sites for New York will be announced. Those likely to be in the frame will include DraftKings, FanDuel, Caesars Entertainment Wynn Interactive, BetMGM and Empire Resorts. Also interested are the combination of Fanatics, Barstool’s Penn Sports Interactive and rapper Jay-Z. They believe that “the process is still ongoing.”

The New York Gaming Commission say that they are still on schedule to begin next year. When that does happen, big business is expected. Estimates are that there will be $10 billion in the first year. Close to $1 billion is anticipated to be shared between the state and whoever gets the gambling licenses.

That split is because online operators are expected to be required to give 51% of their profits to the state. No wonder they’re legalizing sports betting. If that is the case, it’s a figure that is higher than in other states. In New Jersey, the figure is only 13%, Pennsylvania charges 34% but in Iowa it’s only 6.75%. Highest at present is New Hampshire with 51%.

This may be good news for the state but not for gamblers. They will be delighted to finally be able to legally bet on sports, but the odds given may not be as good as in other states. It’s also anticipated that the high amount that may be given to the state, might see a distinct lack of promotions being made available. Those expecting to see large amounts of free bets being awarded may well be disappointed.

It was three years ago that a US Supreme Court judge ruling changed the US gambling industry. As a result, Individual states, rather than the federal government could make the decision whether they should legalize gambling.

New York has been rather reluctant to do so though. Their former governor Andrew Cuomo didn’t want to see legalization. However, the Covid-19 pandemic changed all of that with severe budget problems. He changed his mind but only if the state received a high amount of the profits.

State Senator Joe Addabbo (Democrat) is the chair of the racing, wagering, and gaming committee. He says that mobile betting is on schedule to begin before the Super Bowl. He said: “I give the gaming commission credit for staying on track given the change in governors.”